China's trade with BRICS countries jumped 5.1% year-on-year to 4.62 trillion yuan (about $653 billion) in the first three quarters of 2024. Officials stressed the importance of BRICS as an important platform for developing countries to cooperate, especially in areas such as steel and textiles, further boosting their global influence after expanding their membership earlier this year.
China's trade with BRICS countries up 5.1%
The State Council Information Office of China held a press conference on Monday to summarize the import and export situation in the first three quarters of 2024. Vice Minister Wang Lingjun, deputy director general of the General Administration of Customs, stressed the importance of the BRICS cooperation mechanism in unifying emerging markets and developing countries.
Wang revealed that China's trade with BRICS countries increased by 5.1 percent year-on-year from January to September, reaching 4.62 trillion yuan (about $653 billion). He stressed the role of the BRICS cooperation framework as an important platform to promote cooperation between developing and emerging economies and help safeguard their common interests.
After adding five new members earlier this year, BRICS now accounts for more than a fifth of global trade, further cementing the bloc’s influence in the world economy, Wang noted. He also highlighted the complementary nature of BRICS member states in the production of industrial intermediate goods, pointing to their combined strength in key sectors such as steel, chemicals and textiles.
Founded in 2006, BRICS originally consisted of Brazil, Russia, India and China, with South Africa joining in 2011. This year, the group expanded to include Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia and Ethiopia as full members starting January 1. The next BRICS summit will take place from October 22 to 24 in Kazan, Russia, under the chairmanship of Russia.
Earlier this month, Russian President Vladimir Putin highlighted the strong ties between Russia and China in his message marking the 75th anniversary of the founding of the People's Republic of China. He pointed to the sustainability of their economic partnership, noting that both countries have managed to expand trade volumes and complete major projects despite global challenges.
Putin stressed the importance of maintaining close cooperative relations with Beijing, especially in the context of the current international situation, where trade and joint ventures have seen significant growth in various areas.
Last week, Chinese State Councilor Shen Yiqin reaffirmed China’s commitment to strengthening ties with Russia. At the Russian embassy in Beijing, Shen stressed China’s desire to strengthen international cooperation, especially through platforms such as BRICS and the Shanghai Cooperation Organization (SCO). She stressed the importance of promoting multipolarity, supporting international justice, and strengthening cooperation within these global institutions to unify the Global South and work toward building a community with shared global goals.